Some pundits have predicted that they may not be able to continue their early season form for the entire campaign, but Morgan has told Sports Mole that with some "belief", the league leaders can sustain their challenge.
"Sean Dyche has come in and he's doing a great job. They deserve it because there isn't a lot to play with up there in terms of finances. I hope they go on to win the Championship and go back up to where they should be," he said.
"I don't see why not - they play some very good football. It's all about them having the belief in themselves. Teams at the top also need some breaks and a little bit of luck. You're not going to play well all the time. Like last week, they were 2-0 down [at Millwall] and got a point. That's the sort of thing you've got to do - scrape a result when you are not playing so well."
Morgan had two spells at Turf Moor in the 1960s and 1970s, either side of a seven-year stint at Manchester United.